Despite Bangladesh's remarkable strides in its journey towards economic development and social progress, there remain challenges on the immediate horizon.
The decline in women's participation in the urban workforce over the past five years -- according to Bangladesh Bureau of Statistics data, there were 19.6 million women workers in 2017, but the figure declined to 17.3 million in 2022 -- is one such challenge that certainly raises concerns.
As Bangladesh envisions its goals and ambitions for the next two decades, it is imperative to recognize that there is no alternative to empowering women and fostering their active involvement in the economy if we are to succeed.
To realize its potential, Bangladesh must harness the talents, skills, and creativity of its entire population, and women make up over 50% of that population. While automation is certainly increasing, especially in RMG, increasing women's participation in the workforce will now need them to be equipped with the appropriate skills required.
This will lead to a more diversified economy, ultimately driving innovation, productivity, and competitiveness. By tapping into the full potential of its female population, Bangladesh can unlock new avenues for growth and create employment opportunities.
Moreover, empowering women economically has a profound impact on social development. When women participate in the labor force, they gain financial independence, which allows them to contribute to household income and make decisions that benefit their families.
Moreover, women's economic empowerment plays a pivotal role in reducing income inequality and alleviating poverty -- something that we must keep an eye on as we become a more affluent nation, as we do not wish to become a nation that sees inequality widen further.
The fourth industrial revolution with its technology will cause seismic disruption across the planet -- and Bangladesh will also feel its effects. However, with Bangladesh at such a critical juncture, ensuring that women in Bangladesh are not left behind economically is an integral strategy to ensure we navigate future challenges and set us up for success over the next two decades and beyond.
